This paper studies how the interplay between technological shocks and financial variables shapes the properties of macroeconomic dynamics. Most of the existing literature has based the analysis of aggregate macroeconomic regularities on the representative agent hypothesis (RAH). However, recent...

This paper studies how the interplay between technological shocks and financial variables shapes the properties of macroeconomic dynamics. Most of the existing literature has based the analysis of aggregate macroeconomic regularities on the representative agent hypothesis (RAH). However, recent...

The paper investigates how the interplay between business cycles and long-run growth shapes the dynamics of economies characterized by financial market imperfections. Most of standard economic literature has centered the analysis of decentralized economies on the representative agent hypothesis...

Following Max Weber, many theories have hypothesized that Protestantism should have favored economic development. With its religious heterogeneity, the Holy Roman Empire presents an ideal testing ground for this hypothesis. Using population figures of 272 cities in the years 1300–1900, I find...

This paper provides new evidence on the consequences of foetal exposure to high levels of pollution for the risk of stillbirth, and for the long-term health and labour market outcomes of those that survive. Variation in in utero exposure comes from a persistent weather system that affected...

The purpose of this paper is to study the direction of causality between the stock market and macroeconomic variables. India is taken as a case study. Although, there have been many studies which attempted to find out the relationship between Indian stock market and economic variables, this...

Education plays an important role in the economic and social development of countries. Myriad studies show that education is one of the best ways to offer increased socioeconomic opportunities, social mobility and wages. Not only is universal education important but more significant is the...

The purpose of this working paper is to give the real meaning of DEVELOPMENT from Islamic perspective. Most of Muslim countries are LDCs and using the religious and social ideology of Islam is very useful to establish institutions and to bring moral and ethical change for development in these...

This paper examines the relationship between the education level of Spanish emigrants and their country of destination. Since Spanish emigrants were born under the same laws, economic conditions, and institutions, the differences in their destination countries can be due to dissimilarities in...

Retail trade plays a major role in all economies all over the world. The performance of the sector has important implications towards the economic development of a country. Towards the end of 2008-09, while the world economy got shrank, the Indian economy was not much hampered due to its strong...